Real estate growth continues with hike in housing sales

The Toronto real estate market is rising from the ashes of a global recession, according to recent sales data released by the Toronto Real Estate Board and market analysts.

Sales were up 28 per cent in the GTA in July compared with the same time last year, according to the board.

Year-to-date sales are down slightly, by 1.2 per cent, but if the trend continues, 2009 could see a robust recovery from the worst real estate slump in more than a decade.

Even the ailing condo market is showing signs of life.

Urbanation Inc., a market research company that tracks the Toronto condominium market, reported new condominium sales more than tripled in the second quarter compared with the first quarter of this year.

Only 917 new units sold in the first quarter, while 2,963 sold in the second.

The numbers still lag behind the pre-recession boom, when 4,962 new units sold in the second quarter of 2008.

Market analysts and realtors are none the less encouraged.

"I don't know about a full recovery, it's certainly not back to the 2007 and 2008 levels, but it certainly is a good sign that the new market is headed in the right direction," said Ben Myers, editor and executive vice-president of Urbanation.

Within the City of Toronto, there were 3,880 sales in July, 2009, compared with 3,132 in the same month last year. The average price also rose to $421,110, compared with $395,343 last year.

In the GTA, there were 9,967 sales in July, compared with 7,806 in the same period last year. The average price rose to $395,414 from $371,427.

"Households confident in their positioning within the current economic environment have taken advantage of housing affordability in the GTA," said Tom Lebour, president of the Toronto Real Estate Board, in a statement.

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Real estate rebound

A record 9,967 homes sold in the GTA in July, up 28 per cent from the same month last year. The average price rose by 6.5 per cent.

SALES

City of Toronto ("416" )

2009 3,880

2008 3,132

Rest of GTA ("905" )

2009 6,087

2008 4,674

GTA

2009 9,967